A projection display apparatus comprises a modulator, an analyzer, and projecting optical system. The modulator includes two-dimensionally arrayed pixel units and it modulates an incident light and emits the modulated light. The analyzer analyzes the emitted light from the modulator. The projection optical system projects the analyzed light from the analyzer. The analyzer includes a polarized beam splitter having a pair of prisms and an adhesive layer held between the pair of prisms. The difference in thickness between thin and thick portions of the adhesive layer is set equal to a predetermined value or less, based on a pixel pitch of the modulator.